I started trading GBP/JPY since the beginning (6month ago). And I can tell you I quickly learnt how wild is this pair. And you know what the funny part. I made money out of this jungle.
Regarding your post. I would like to know more details on how you do your trade (entry, stop loss, take profit, size lot, your broker…)
As I read your post I can tell you are emotional… And unfortunately there is no place for emotion in FX. It s not your ■■■■■■■ girlfriend, it’s a business.
In case you don’t reply to me, GBP/JPY is very volatile, so you better to put a large stop loss or to follow closely to your screen. And as a honnest human being, don’t be scared of big unrealized loss. As an example, I went long 142.50 yesterday and I just make money at the same time I am writting this post. I closed my deal with a thick 50pips. So it s possible to win.
Now either you need grow some balls or either you need to get back to the learning curve. In both way you can only improve your trading mindset and skills.
Hope that helps you buddy.
Just remember one thing, success don’t come over the night, it s a long journey and you better to enjoy it ;).
Hello i am still learning how to make it too… a few mistakes that hurt badly are using an unregulated broker who makes it rigged from the onset, using huge lot sizes for a small account (a lot size on a 2000 dollar with a leverage of 400) and lastly trading on the “smaller picture” this means trading without looking n considering the bigger picture. I solely trade the USD/JPY and i plot support n resistance levels… it broke resistance at around 109.60 area , retested n did not respect the zone and is currently making new highs… using this strategy you get the bigger picture around what happens to your pair and how to adjust your positions. Best policy don’t trade outside your pre-laid strategy and rules. Wait for confirmation always. Hope this helps in some way.
Interesting post. I don’t know the set ups you traded on the GBP-JPY and USD-JPY pairs.
Trading is about controlling yourself. No one can control the markets. They do what they do and we as traders try to pick up a few pips here and there as they are doing it.
I don’t know what you risked on your trades either, but here are some questions you could ask yourself before taking any trade. They help you to stay in control and take the emotional side of the game away. If you answer ‘YES’ to them all, then take the trade. ‘NO’ to any of them, no trade. Look elsewhere for a set up.
1 - Is this a valid trade set up? YES or NO? If YES then…
2 - What is my risk to find out if this set up will work, and can I afford to take that risk? If YES then…
3 - Is the potential reward on the trade equal to or greater than my risk? If YES then the most important question is…
4 - Am I comfortable ACCEPTING the risk? YES?
If you feel uneasy, take a smaller position size that you are happier with, then
TAKE THE TRADE - SET AND FORGET.
Once you ‘PRESS THE BUY OR SELL’ button, have no regrets or second thoughts.
The trade will work or it won’t. There are no guarantees in this game on a single trade set up. The road to consistency lies in thinking over multiple trades and judging performance over those many trades.
simply reading this thread you can see for real that this business is not ez. certainly not as ez as the gurus try to sell.
it can be done , but not as large and as ez as the gurus says it is.
and about building a system for yourself, supposed you know what to do, good luck with that , well talk after 2 -3 years. if you dont know what to do now, well talk in 4 or 5 years
whats ONE YEAR? well it is made of 365 days in which you must work on your system day after day. i hope i made my point
Provided you dont day trade, choose liquid markets, have a long side bias (easier on the emotions), use simple strategies, follow your trading rules, dont get caught up thinking everywhere there is support resistance, let profits run and cut losses.
Bro, I understand your pain. But it’s not the entirely the market’s fault. The market is always right. Could it be that you failed to understand the market ? Please don’t get offended but read on…
I was once at your position before becoming a consistent profitable trader. Losses in the market are normal, but take your time to understand the market. IF you’re frustrated now, no worries. You go rest, take a break, meditate or go to places that are peaceful where you can have a clear mind to think. In fact, state of mind (psychology) is one of the key factors that could determine a winning or losing trader in the long term! Be calm and patient so that you can see things clearly.
During your peaceful thinking, look back at which trade that worked and which trade that doesn’t work, write it down. You need to develop your strategy properly, including your risk management. IF you bust your account, is it really the market’s fault or is it your fault because you didn’t put proper risk management ?? Paul Tudor Jones once said, it’s okay to lose a trade but don’t be out of the game. (might not the exact sentence but that’s the point he tried to make).
Professional profitable traders barely share their secrets even in babypips, why would they because they probably were at the same stage as you, lost $100k or more ?? before becoming a successful trader, they paid the price. So instead giving you the ‘holy grail’, they might give you hints… pay attention to this. Believe me, pro trader won’t spoon-feed newbies, the newbies have to learn to feed themselves. If you can do this, it’s only a matter of time you can be a consistent profitable trader no matter what the market is as long that market behaviour suits your style of trading and personality.
No doubt, Forex is highly liquid market and become a successful trader within few day is bit difficult. Get wonderful profit from Forex Market required solid knowledge. Just practice, practice and more practice can be helpful to become successful trader.
You trade market inefficiencies (= stable profit opportunity) and with time some of them become extinct because other traders, firms or hedge funds are searching for, find and trade them. Majority of price inefficiency are based on information asymmetry or speed assymetry. Note that we are talking about “surefire” stable trading opportunities that guarantees your expectation of return is above 0. When too many traders join to profit from some market opportunity, the “profit” is shared between all and basically converges to zero as number of players playing the same trick grow. And then another search for some inefficiency begins. This is how it works. It’s the same business as many others and where the same notion of competition exists.
I been trading 6 months now and only have MYSELF to blame for the painful losses.
I have also gained and the feeling is great because 1: I found a way slowly but surely and 2: My broker is one of many regulated ones who simply deposit in my account with a few days no problem.
Restart from scratch and be willing to find yourself in this activity
How can I get that pip movement by session graph? is it one that is available to download or access online. I would love to use this. I have a habit of being too cautious and picking pairs that are so sluggish, paint dries quicker. then I switch to something like GBP/USD and get caught by a sudden change in trend. I could see the above helping me to pick out safer pairs but not dead ones. lol
insane is awake and smells the coffee. I think anyone who disagrees with you is lying in denial or delusional.
The vast majority of people who try online trading quit after withdrawing less than their initial deposit.
It only takes one unlucky trade to leave an account balance in tatters, and such price spikes can literally happen in a split second.
Making a losing trade is so so easy to do. Making the same amount of pips that were lost in a profitable trade is so so difficult to do.
Everyone is trying to encourage you to stay and to be positive because they are suffering from the same sunk cost fallacy. And while I would be rational to do the same because its traders like you whose money I earn, I must say you are right and they are wrong. Mostly right- I mean you don’t know how to trade because babypips doesn’t teach that, and while you’re wise to distrust brokers, it has more to do with the people who run them than with regulation. Regulators cannot protect you but some brokers care about their reputations. It’s possible to make money in forex just like it’s possible to win in a casino but it’s very unlikely especially for you. So if you have other means of earning a living focus on those. Forex is for the desperate and the mad (obsessive) including yours truly.
